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Flash Reports

Kuwait September. The market is moderately positive

Kuwaiti Vehicles Market Nissan-Kicks_US-Version-2018

Kuwaiti Vehicles Market in the 2018 is positive with Year to Date September figures at 78.509 (+6.1%) and a stable outlook. The economy is recovering thanks to oil price over 50% increase, while VAT introduction in the next January should froze demand.

Economic Environment

Kuwait’s economy grew 1.9% year-on-year in Q2, rebounding from a revised contraction in Q1 thanks to the non-oil sector as the oil sector declined despite higher oil prices. In July–August, the country raised oil production ahead of U.S. sanctions on Iran effective 4 November, boding well for the performance of the oil sector in Q3. To attract more foreign capital and improve the investment environment, the government continues to modernize the country’s stock exchange, with Boursa Kuwait recently being included in the FTSE emerging-market index.

The economy should grow this year and next, thanks to higher oil prices and production. An infrastructure investment push will likely buttress the economy further. However, slow diversification progress could drag on long-term prospects.

Market Trend

Kuwait vehicles market hit the all-time record in the 2014 with 162.719 sales ending a long positive path. Then, the sudden economic crisis generated by the fall of oil price hit the sector with sales declined for three consecutive years. according to data reported by the Kuwaiti Authority for Transportation in the 2017 light vehicles sales have been 106.913, down 7.8% from the previous year.

In the 2018 the market is recovering moderately with Year to Date September figures at 78.509 (+6.1%).

Market September Sales Sales Q3 Sales 2018 YTD Variation September Variation Q3 Variation 2018
Car+LCV 9.017 26.062 78.509 -1,9% 5,2% 6,1%

Brand-wise, the leader Toyota sold 21.795 units (+12.4%) dominating the market with 27.8% of market share.

In second place Mitsubishi with 7.566 (+3.2%) followed by Nissan with 7.315 (+1.7%), Chevrolet with 5.977 (+3.8%) and Kia with 5.711 (-1.8%).

Research, Consulting, Data & Forecast

F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2025. AutoData in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end.  See details within Kuwait Store.

 

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